2023-04-26-联合国环境署-越南的气候风险和TCFD披露的最佳实践（英）_90页_2mb

Summary of Vietnam's Climate Risks and Best Practices for TCFD Disclosure

Core Content

This report provides guidance for emerging and developing market participants, specifically Vietnamese financial institutions, on how to identify, assess, and disclose climate-related financial risks and opportunities in line with the Task Force on Climate-related Financial Disclosures (TCFD) framework. It highlights the growing importance of climate risk management in the context of global sustainability goals and the increasing trend towards mandatory climate-related financial disclosures.

Main Objectives

The report aims to:

• Enhance the capacity of Vietnamese banks to understand and manage climate risks.
• Provide a guide for the preparation of TCFD-compliant climate risk disclosures.
• Support the development of climate-related financial data and reporting practices.
• Promote the integration of climate considerations into financial decision-making and risk management processes.

Key Points

1. Introduction

• Climate change poses a significant threat to the global economy and requires transformation.
• Vietnam has set a net-zero target for 2050 and is developing strategies such as the Vietnam Green Growth Strategy (VGGS) and the National Climate Change Strategy.
• Financial institutions, particularly banks, play a crucial role in supporting green recovery and low-carbon transition by channeling capital to sustainable projects.
• The report was developed through a collaboration between GIZ, UNEP FI, and CDSB, with input from leading Vietnamese banks.

2. Climate-related Risks in Vietnam

Physical Risks

• Vietnam is highly vulnerable to climate-related physical risks due to its long coastline, high population density, and location in the tropical typhoon belt.
• Key physical risks include:
  • Floods
  • Sea level rise
  • Droughts
  • Tropical cyclones
• These risks have significant implications for economic sectors such as agriculture, infrastructure, and coastal development.

Transition Risks

• Vietnam's rapid industrialization and increasing reliance on coal pose transition risks as the world moves towards a low-carbon economy.
• The country's current NDC under the Paris Agreement does not fully align with the 1.5°C global warming target.
• Transition risks are linked to policy changes, technological shifts, and market dynamics related to climate action.

3. Principles for Disclosure

• Climate-related financial disclosures should be:
  • Material
  • Consistent
  • Comparable
  • Relevant to the organization's strategy and risk management

4. Practical Steps for Disclosure

The report outlines a step-by-step approach to implementing TCFD disclosures, including:

• Getting started: Understanding the importance of climate disclosure.
• Governance: Establishing oversight structures for climate-related risks and opportunities.
• Strategy: Assessing the impact of climate change on business and financial planning.
• Risk Management: Identifying, assessing, and managing climate-related risks.
• Metrics and Targets: Defining and reporting on relevant climate-related metrics and targets.
• Additional Considerations: Addressing data challenges and ensuring alignment with international standards.

5. Conclusion and Recommendations

• For the State Bank of Vietnam (SBV):

  • Develop clear guidance on climate risk disclosure.
  • Encourage voluntary and eventually mandatory TCFD-aligned reporting.
  • Support capacity building for financial institutions to implement climate risk assessments and disclosures.

• For Vietnamese financial institutions:

  • Integrate climate risk into their risk management frameworks.
  • Improve transparency and consistency in climate-related financial disclosures.
  • Align with global standards such as TCFD to enhance credibility and support sustainable development.

6. Global and Regional Trends in Climate Disclosure

• TCFD has gained significant traction globally, with over 2,700 supporters as of December 2021.
• Mandatory climate-related financial disclosures are becoming more common, with examples including:
  • New Zealand (planning to mandate climate disclosures)
  • UK (proposed legislation for TCFD-aligned disclosures by 2025)
  • Singapore (planned mandatory TCFD disclosure by 2024)
• The IFRS Foundation has established the International Sustainability Standards Board (ISSB) to develop global sustainability disclosure standards, with climate-related disclosures expected to be finalized in 2023.

7. Challenges in Emerging Markets

• Emerging markets like Vietnam face challenges in:
  • Data availability and quality
  • Technical capacity and resources for climate risk assessment
  • Lack of clear policy direction on decarbonization
• These challenges are compounded by the fact that many technical resources are developed for high-income economies, making it harder for emerging market institutions to implement TCFD disclosures effectively.

8. Importance of Climate Disclosure

• Climate-related financial disclosures are essential for:
  • Understanding the evolving nature of climate risks
  • Aligning with global sustainability goals
  • Supporting capital allocation towards climate-resilient and low-carbon investments
  • Enhancing transparency and investor confidence

Key Information

• TCFD Recommendations: Focus on governance, strategy, risk management, and metrics and targets.
• Disclosure Trends: While TCFD-aligned reporting is increasing, full compliance remains low, with only 4% of companies disclosing all 11 recommendations.
• Vietnam's Context: No specific mandatory climate-related financial disclosure requirements exist, but ESG reporting is in place.
• Implications for Banks: Banks must not only manage their own climate risks but also assess the risks of their clients and the broader financial system.
• Future Steps: The report recommends that Vietnamese banks begin integrating climate risk into their operations and reporting, with support from regulators and international organizations.

Summary of TCFD Recommendations

Conclusion

Vietnam is at a critical juncture in its climate and financial risk management journey. With global momentum towards mandatory climate-related financial disclosures, Vietnamese banks must proactively integrate climate considerations into their operations and reporting. The report serves as a practical guide for this process, emphasizing the importance of transparency, data quality, and alignment with international standards to support sustainable development and resilience in the face of climate change.